Finance Manager

Key Responsibilities:

1. Cost Accounting & Analysis:
• Develop, maintain, and monitor the cost accounting system for raw materials, work-in-progress, and finished goods.
• Perform detailed cost analysis of manufacturing operations, including material, labor, and overhead costs.
• Prepare and analyze cost variance reports (actual vs. standard) and investigate discrepancies to provide actionable insights.
• Establish accurate product costings to support pricing decisions and profitability assessments.
2. Budgeting & Financial Planning:
• Prepare annual budgets, including cost projections, capital expenditure planning, and operational forecasts.
• Monitor budget performance, identify cost overruns, and recommend corrective actions.
• Assist in the formulation of financial strategies to reduce costs and improve profitability.
3. Cost Control:
• Develop and implement cost control measures to optimize production efficiency and reduce waste.
• Monitor and manage expenses across departments to ensure adherence to budgetary limits.
• Evaluate procurement practices, suggesting cost-saving opportunities without compromising quality.
• Lead initiatives to improve process efficiency and minimize overheads.
4. Profitability Analysis:
• Conduct regular profitability analysis for product lines, customers, and projects.
• Provide financial insights to production and sales teams to improve decision-making and drive profitability.
• Prepare margin reports and identify opportunities to enhance profit margins.
5. Financial Reporting:
• Prepare and present detailed financial reports, including income statements, balance sheets, and cash flow statements, with a focus on cost accounting.
• Ensure timely submission of reports to management, highlighting key financial trends and cost implications.
• Maintain compliance with accounting standards and tax regulations.
6. Inventory Valuation & Management:
• Perform accurate inventory valuation using cost accounting principles (e.g., FIFO, weighted average).
• Collaborate with the supply chain and production teams to optimize inventory levels and reduce carrying costs.
• Analyze stock movements and monitor slow-moving or obsolete inventory to minimize losses.
7. Process Improvement:
• Identify and implement financial process improvements to enhance cost control and operational efficiency.
• Use tools like ERP systems and advanced costing software to automate and streamline cost management processes.
• Lead initiatives such as cost-benefit analysis, Lean Accounting, and benchmarking.
8. Team Collaboration:
• Collaborate with production, sales, and procurement teams to ensure financial goals are aligned with operational objectives.
• Provide financial training and guidance to non-finance teams to promote cost awareness and control.
9. Compliance & Audit:
• Ensure compliance with statutory requirements, including tax regulations, GST, and other financial standards.
• Support internal and external audits by providing required financial data and cost analyses.
10. Leadership:
• Lead and mentor a team of accountants and financial analysts in the areas of cost management and financial planning.
• Promote a culture of accountability and cost-conscious decision-making across the organization.

Desired Qualifications:

• Bachelors degree in Finance, Accounting, or Commerce.
• Professional certifications such as CA (Chartered Accountant), CMA (Cost & Management Accountant), or CPA (Certified Public Accountant) are highly desirable.
• Minimum 7-10 years of experience in finance and cost accounting within a manufacturing environment.
• Proven track record of managing cost control systems and driving financial efficiency.
• Strong proficiency in cost accounting principles, financial modeling, and variance analysis.
• Hands-on experience with ERP systems (e.g., SAP, Oracle, or Tally) and advanced financial software.
• Excellent knowledge of budgeting, forecasting, and financial planning.
• Strong leadership skills with the ability to manage and mentor a team.
• Exceptional communication skills to present financial data to non-finance stakeholders effectively.
• Ability to analyze complex financial data and provide actionable recommendations.
• Proficiency in using analytical tools (e.g., Excel, Power BI) for cost analysis and reporting.
• Comprehensive understanding of tax regulations, GST, and other statutory requirements relevant to the manufacturing industry.